Concur with above: On a oxy-actelyne torch, the primary oxygen is used burning the acetylene and thus heating the steel/iron. The excess oxygen (second or burning handle) "burns the heated iron and blows it away from the cut, exposing more steel to be heated up, melted and burned away.
On a plasma torch, the arc does the heating and melting, and the compressed air blows the melted iron away from the cut. I've not heard of plasma cuts being made with oxygen.
Have you tested your torch setup on a scrap piece of carbon steel? Are you at the correct voltage setting (220 VAC/440 VAC, proper wiring) for your actual hookup - Many torches allow various combinations of single phase, two-phase phase, etc and various voltages - but the machine needs to be jumpered differently.